Get Involved in Growing Your Child’s Money Skills
Because developing good financial habits at a young age often dictates a bright financial future, we encourage parents to participate in and support our Strive financial literacy program. The Strive financial literacy program focuses on building skills through an interactive learning process that grows with your children as they progress from one life stage to the next:
- Explore - kids will have fun discovering and learning about the value of money, and how the world uses it every day.
- Engage - teens learn about the basics of banking to help them start developing money management skills.
- Excel - young adults apply their financial knowledge to set them on the path to achieving financial independence and put their short and long term goals within reach.
As your children learn how to make good financial decisions, Strive can help provide tools to make the subject more approachable for both of you. NBT Bank offers the following tips for parents looking to raise financially-savvy children:
- Set the example of a responsible money manager by paying bills on time, being a conscientious spender and an active saver. Children tend to emulate their parents' personal finance habits.
- Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them - even the tough ones.
- Explain the difference between needs and wants, the value of saving and budgeting and the consequences of not doing so.
- Open a savings account at your local NBT Bank for your children and take them with you to make deposits, so they can learn how to be hands-on with their money management.
- Give your kids feedback. As your kids start to make financial decisions, work together to discuss the benefits and consequences of each of their choices. This will help them plan ahead, think before they act, and know that you are always available to offer advice.
NBT Bank also offers iStrive Checking, Savings, Debit and credit products designed to help your kids practice what they have learned. Learn more about our iStrive products, or stop by your NBT Bank office and ask your branch manager to introduce you to the new iStrive line of youth and young adult banking products.